Washington Code 30B.64.010 – Private trusts and private trust companies exempt — Exception for change of control
Current as of: 2023 | Check for updates
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(1) A private trust or private trust company is exempt from the requirement of a certificate of authority or regulation under this title.
Terms Used In Washington Code 30B.64.010
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- Person: means an individual, a company, or any other legal entity. See Washington Code 30B.04.005
- Private trust: has the meaning set forth in RCW 30B. See Washington Code 30B.04.005
- Private trust company: has the meaning set forth in RCW 30B. See Washington Code 30B.04.005
- State: means a state of the United States, the District of Columbia, a territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Washington Code 30B.04.005
- Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Washington Code 30B.04.005
- Trust institution: means a depository institution or foreign bank engaged in trust business, or a trust company. See Washington Code 30B.04.005
- Unauthorized trust activity: means to engage in trust business in Washington state without authority or exemption under this title. See Washington Code 30B.04.005
(2) Notwithstanding subsection (1) of this section, a transfer or change of control of a private trust or private trust company to a person or persons other than family members constitutes unauthorized trust activity unless the resulting private trust company is a trust institution authorized to do business in this state.
[ 2014 c 37 § 398.]